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Home > Resources > Ethics & International Affairs Journal > Volume 17.1 (Spring 2003) > Special Section: Special Section: Achieving Global Economic Justice |
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Developing Just Monetary Arrangements [Abstract]
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March 2, 2003
International monetary arrangements––the practices and rules governing the
creation, distribution, and management of money and credit in the world
economy––have received little attention from philosophers concerned with
international distributive justice. A convincing account of international
distributive justice requires a description of how these arrangements should
function. International monetary arrangements currently appear to have
consequences that are incompatible with a global egalitarian conception of
distributive justice.
There are at least three categories of questions–– relating respectively to
money supply, exchange rates, and debt––that can be raised in the international
context. First, who should have control over key monetary decisions, such as how
much, and on what terms, money and credit are being supplied within each
monetary zone? Should this control belong to the citizens of a given monetary
zone and their representatives alone? How should the benefits arising from the
ability to create money be distributed internationally? Second, should the
stability of exchange rates be a goal and, if so, how should the responsibility
for maintaining stability be apportioned? When adjustment of exchange rates is
required, who should bear the burdens associated with such adjustment? Third,
what arrangements should govern the accumulation and discharge of debt in the
international setting? In what respects should debt contracted by states be
governed by different rules than debt contracted by private agents? What forms
of conditionality may be imposed by creditors, such as international
institutions, governments, or private lenders, as part of a just framework of
international borrowing and repayment? These questions exemplify rather than
exhaust the dilemmas that arise with regard to international monetary
arrangements. Global egalitarians should imagine the alternative forms that such
arrangements can take as elements of a realistic utopia.
To read or purchase the full text of this article, click here.
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The Carnegie Council's flagship publication, Ethics & International Affairs is an interdisciplinary resource for scholars, students, and policy analysts concerned with the moral dimensions of global issues. The journal covers global justice, civil society, democratization, international law, intervention, sanctions, and related topics.
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subject to editing for length and style. In the
event of any questions or substantive editing,
the response will be returned to the author
for final approval prior to publication.
Responses are published online, alongside
the article they address.
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